Canada May See First Solana ETF as 3iQ Submits ETP Filing

by

As a researcher with extensive experience in the digital asset market, I’m excited about the latest development from 3iQ Corp. The company’s announcement to offer a Solana ETF on the Toronto Stock Exchange marks another significant step forward for cryptocurrency-based investment products in North America.

Canadian investment company 3iQ Corp has submitted a preliminary prospectus for introducing The Solana Fund (QSOL) as an exchange-traded fund (ETF) in Canada. If approved, this would mark the first Solana ETF listing in North America, broadening the selection of cryptocurrency ETFs accessible to investors.

Toronto Stock Exchange to List Solana ETF

3iQ Corp, renowned for its Bitcoin and Ethereum ETFs, intends to introduce a Solana ETF on the Toronto Stock Exchange. This new fund, named Solana Fund, is designed to grant investors easy access to Solana without requiring intricate technical knowledge. The investment strategy of the fund includes staking SOL to generate rewards. This decision aligns with 3iQ’s broader objective to expand its cryptocurrency product lineup and tap into burgeoning trends within the digital asset sector.

3iQ Corp. is thrilled to share the news that we have filed a preliminary prospectus in Canada for The Solana Fund (QSOL), marking a significant step forward in our plans for an initial public offering.
Moving forward, this development aligns with our history of groundbreaking achievements. Pending the acquisition of necessary regulatory approvals, it will…
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024

As a researcher studying the cryptocurrency market, I’ve noticed an exciting development: the recent approval of spot Ethereum ETFs in the United States. This regulatory milestone suggests growing acceptance of crypto-based investment products from authorities. Analysts predict that this could open doors for more diverse crypto ETF offerings in the future. Moreover, 3iQ’s filing to list a Bitcoin and Ethereum ETF demonstrates their commitment to staying at the cutting edge of cryptocurrency investment solutions. This move could potentially draw in more investors looking to diversify their portfolios with digital assets.

SOL ETF Could Follow Ethereum’s Lead

Having a market value of $61 billion, Solana ranks as the fifth-largest cryptocurrency, surpassed by only Bitcoin, Ethereum, Tether, and Binance Coin. The introduction of a Solana ETF (Exchange-Traded Fund) in Canada could boost market liquidity and offer an alternative investment route for both institutional and individual investors seeking exposure to this asset.

Expert: Standard Chartered, a leading British bank, posits that Solana and XRP are potential candidates for getting U.S. Securities and Exchange Commission (SEC) approval for exchange-traded funds (ETFs). This assessment stems from the fact that Solana shares technological resemblances with Ethereum, potentially complicating the SEC’s efforts to distinguish between them during the approval process.

William Quigley, a co-founder of Tether and WAX, expressed his belief that Solana could potentially become the next widely adopted cryptocurrency for Exchange-Traded Funds (ETFs), based on the successful debut of Bitcoin spot ETFs. He pointed out that new financial instruments frequently inspire a wave of comparable offerings until the market becomes saturated. This pattern is clearly reflected in the significant capital inflows towards Bitcoin spot ETFs and the mounting excitement surrounding the upcoming launch of Ethereum spot ETFs.

U.S. Awaits Launch of Ethereum ETFs

Worldwide, Solana-linked exchange-traded products (ETPs) have gained significant traction, managing over a billion dollars in assets. Companies like 21Shares, VanEck, and WisdomTree have introduced Solana funds in multiple markets. Notably, Canada has taken the lead in launching Bitcoin and Ethereum spot ETFs before the U.S., underscoring the country’s forward-thinking approach to cryptocurrency investments.

It’s surprising to note that more than a billion dollars worth of Solana Exchange-Traded Products (ETPs) are currently in circulation around the globe.

— James Seyffart (@JSeyff) June 20, 2024

As a researcher studying the financial markets, I’m closely observing the developments in the U.S. regarding the imminent launch of spot Ethereum Exchange-Traded Funds (ETFs). Surprisingly, the Securities and Exchange Commission (SEC) approved these ETF proposals last month, igniting significant excitement within the industry.

 

Read More

2024-06-21 03:10